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Managerial Long-Term Responsibility in Family-Controlled Firms

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  • Dietmar Sternad

    (Carinthia University of Applied Sciences, Austria)

Abstract

Evidence suggests that long-term orientation (LTO) as a dominant strategic logic contributes to the sustainable performance of family-controlled firms (FCFS). Combining a review of the literature on lto with stewardship theory and upper echelons theory reasoning, this article presents a typology of managerial responsibility and introduces the concept of long-term responsibility as a managerial characteristic constituting a major driving force behind creating lto. The antecedents of long-term responsibility under family firm-specific conditions (stemming from the family system, the governance system, and family-firm managers’ personal characteristics) are also identified and presented in an integrated model. The paper contributes to a more comprehensive understanding of intertemporal choice in fcfs and explains why they tend to be more long-term oriented than other types of firms.

Suggested Citation

  • Dietmar Sternad, 2013. "Managerial Long-Term Responsibility in Family-Controlled Firms," Management, University of Primorska, Faculty of Management Koper, vol. 8(2), pages 93-107.
    • Handle: RePEc:mgt:youmng:v:8:y:2013:i:2:p:93-107
    as

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    References listed on IDEAS

    as
    1. Danny Miller & Isabelle Le Breton‐Miller & Barry Scholnick, 2008. "Stewardship vs. Stagnation: An Empirical Comparison of Small Family and Non‐Family Businesses," Journal of Management Studies, Wiley Blackwell, vol. 45(1), pages 51-78, January.
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    3. Lubatkin, Michael H. & Durand, Rodolphe & Ling, Yan, 2007. "The missing lens in family firm governance theory: A self-other typology of parental altruism," Journal of Business Research, Elsevier, vol. 60(10), pages 1022-1029, October.
    4. Harvey James, 1999. "Owner as Manager, Extended Horizons and the Family Firm," International Journal of the Economics of Business, Taylor & Francis Journals, vol. 6(1), pages 41-55.
    5. Rodolphe Durand & Michael H. Lubatkin & Yan Ling, 2007. "The Missing Lens in Family Firm Governance Theory: A Self-Other Typology of Parental Altruism," Post-Print hal-00699185, HAL.
    6. Ronald C. Anderson & David M. Reeb, 2003. "Founding‐Family Ownership and Firm Performance: Evidence from the S&P 500," Journal of Finance, American Finance Association, vol. 58(3), pages 1301-1328, June.
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